Indian technology shares fell on Oct. 28, with NDTV Profit reporting the Nifty IT index down 3.38% intraday after an earlier reading showed all 10 constituents lower.
NDTV Profit's update came at 1:37 a.m. ET (05:37 UTC). Economic Times had put the index at 31,142.90, down 1,046.55 points, or 3.25%, at 12:14 a.m. ET (04:14 UTC). Its snapshot listed zero advances and 10 declines. The later report came 83 minutes after that earlier reading; neither gave a session-end result.
In the Economic Times snapshot, Mphasis fell 4.72%, Infosys 4.45%, Tech Mahindra 3.52%, Coforge 3.10%, Tata Consultancy Services 2.88% and HCL Technologies 2.79%.
Infosys' Oct. 23 Q2 release lowered its FY27 revenue-growth guidance to 1%-2% in constant-currency terms, from the 1.5%-3.0% range given in July. The company retained its operating-margin guidance at 20%-22%. Q2 revenue was $5.145 billion, up 1.5% year over year and 1.2% sequentially in constant-currency terms. Infosys said AI-related revenue made up 10.5% of Q2 revenue and grew 29% from the previous quarter. It also reported $5.2 billion in large-deal total contract value, 62% of it net new.
NDTV Profit cited investor questions about AI's potential effect on traditional IT services and uncertainty ahead of the Federal Reserve decision. India Today separately reported that Indian IT companies earn a significant share of revenue in the United States, where shifts in business spending can affect demand for their services.
The Federal Open Market Committee (FOMC) meeting was scheduled to conclude Oct. 28, with a press conference also on the calendar.
